State economists are estimating an additional $4 billion in tax revenues for the coming budget year 2022-2023, beginning July 1, 2022.
Legislators simply have more revenue to craft the budget. According to the News Service of Florida, the August 2021 forecast by Florida economists was revamped, with tax collections about $3.29 billion more in general revenue. Additionally, the state will add $700 million more than forecast in the next year.
With federal stimulus dollars the last two years making a huge impact, the Florida tourism economy is strong. The Legislature’s spending prioritizations will be debated and answered in the ongoing Session.